Bond Allocation 2019 Ceiling
WHEREAS, Section 146 of the Internal Revenue Code of 1986 (hereafter the “Act”), as amended (hereafter the “Code”), restricts the total principal amount of certain private activity bonds (hereafter the “Bonds”) that exclude interest from gross income for federal income tax purposes under Section 103 of the Code;
WHEREAS, Act No. 51 of the 1986 Regular Session of the Louisiana Legislature (hereafter “Act No. 51 of 1986”) authorizes the Governor to allocate the volume limit applicable to the Bonds (hereafter the "ceiling") among the State and its political subdivisions in such a manner as the Governor deems to be in the best interest of the State of Louisiana;
WHEREAS, pursuant to the Act and Act No. 51 of 1986, Executive Order No. JBE 2016-35 was issued to establish: (a) the manner in which the ceiling shall be determined, (b) the method to be used in allocating the ceiling, (c) the application procedure for obtaining an allocation of Bonds subject to such ceiling, and (d) a system of record keeping for such allocations; and
WHEREAS, the Town of Madisonville (hereafter the “Town”) has applied for an allocation of the 2019 ceiling, to be used in connection with the financing by Gulf South Pipeline Company, LP of the costs of constructing and acquiring extensions, improvements and replacements to and for the natural gas system of the Town (hereafter the “Project”) and paying the costs of issuance.
NOW THEREFORE, I, JOHN BEL EDWARDS, Governor of the State of Louisiana, by virtue of the authority vested by the Constitution and laws of the State of Louisiana, do hereby order and direct as follows:
SECTION 1: The bond issue, as described in this Section, shall be and is hereby granted an allocation from the 2019 ceiling in the amount shown:
Amount of Allocation
Name of Issuer
Name of Project
Town of Madisonville
Gas Utility Revenue
Bonds, Series 2019B
SECTION 2: The allocation granted herein shall be used only for the bond issue described in Section 1 and for the general purpose set forth in the “Application for Allocation of a Portion of the State of Louisiana’s Private Activity Volume Cap” submitted in connection with the bond issue described in Section 1.
SECTION 3: The allocation granted herein shall be valid and in full force and effect through December 31, 2019.
SECTION 4: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the Governor, or terminated by operation of law.
IN WITNESS WHEREOF, I have set my hand officially and caused to be affixed the Great Seal of the State of Louisiana in the City of Baton Rouge, on this 9th day of September, 2019.
John Bel Edwards
Secretary of State